KCCI "Lee Jae-yong's Detention, Deep Concern Over Realization of Management Vacuum in Samsung Group"

Samsung Electronics Vice Chairman Lee Jae-yong is attending the retrial sentencing hearing of the state affairs manipulation case held at the Seoul High Court in Seocho-gu, Seoul on the 18th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kiho Sung] The Korea Employers Federation expressed deep concern over the management vacuum at Samsung Group following Vice Chairman Lee Jae-yong of Samsung Electronics being sentenced to 2 years and 6 months in prison and detained in court in the retrial of the National Pension Service corruption case.

On the 18th, immediately after Lee's trial, the Federation stated in a press release, "Economic uncertainty is greater than ever due to recent economic shocks caused by the novel coronavirus disease (COVID-19) and the acceleration of economic policies focused on protecting domestic industries in countries worldwide." It added, "The management vacuum at a global company representing our country is expected to inevitably have adverse effects on the overall economy and industry as significant business decisions and investments are delayed."

It continued, "To prepare for intensified global competition in the upcoming post-COVID era, it is crucial for our global companies to actively expand their businesses and innovate technologies to secure competitive advantages in new industrial sectors." The Federation also requested, "We urge the government to provide policy and administrative support to minimize disruptions in Samsung Group's management going forward."

This content was produced with the assistance of AI translation services.